Business Loans Long Island

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Serine Alejandro

September 28, 2021

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Business Loans Long Island Overview

Business Loans Long Island Overview

SMB Compass specializes throughout Long Island in providing an array of different financing solutions. As Long Island natives we work with business owners to understand their objective and secure the financing needed for their business. Long Island has a diverse economy with an abundance of different opportunities for business owners. We work with businesses in a wide range of industries from small businesses to middle market companies.
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1. Small Business Loans

Small business loans are vital for small businesses to continue to grow and operate efficiently. It’s a quick and easy process that allows businesses to be funded in as quickly as 24 hours. Small business loans in Long Island provide business owners with the working capital needed to cover expenses and take advantage of new business opportunities. Small business loans help take on new projects, hire employees, and take advantage of inventory and equipment discounts. Business’s in a wide range of industry’s use small business loans to cover daily expenses as they continue to operate and expand. The terms and rates of a small business loan are determined by the cash flow in the business and the business owners credit profile.

2. Business Bank Loans

Bank Loans tend to be the most attractive loans for business owners but do require a large amount of paperwork and documentation. Bank loans typically take longer to secure and at times are not as flexible as a private lender. It can be difficult to find a bank that can fit a businesses needs and timeframe. SMB Compass has relationships with different banks and understands which banks will work best with businesses based on their objective and current financial situation. SMB Compass has helped secure business bank loans for business owners through out all of Long Island.

3. SBA Loans

An SBA Loan is guaranteed by the Small Business Administration and originated by banks and private lenders. An SBA Loan in Long Island can be used for acquisition financing, debt consolidation, working capital, and business expansion. SBA loans are typically stretched out to either 10 or 25 years depending on if property is involved. It can be used to refinance debt and refinance mortgages over 10 or 25 years. SBA loans are documented intensive and depending on the organization of a business’s financials can vary from 28 days to 6 months to closing. Private lenders tend to move faster then traditional and local banks and help to expedite the process.

4. Invoice Factoring

Invoice factoring allows business’s to get paid immediately on outstanding invoices instead of waiting 30-90 days to be paid. Invoice factoring in Long Island helps to expedite long payment terms and gives businesses the capital needed to take on new customers and cover daily expenses. Invoice financing is used in a wide array of industries and crucial for any business that experiences long payment terms. Invoice factoring helps business’s with the cash flow gap between accounts payable and accounts receivable. The terms and fees are based on the businesses credit as well as the customer’s credit.

5. Inventory Financing

Inventory financing is a financing that uses a business’s inventory as collateral to secure a loan. Inventory financing in Long Island allows business’s to improve their cash flow to continue to grow and cover operating expenses. The amount of capital that can be borrowed against the inventory is dependent on the type of inventory and the business’s industry. Inventory financing allows business’s to get capital from the inventory they possess, helping business’s continue to expand. Inventory financing is used in an array of different industries, including manufacturing, technology, and transportation.

6. Bridge Loans

A bridge loan is used for immediate financing needs, typical to bridge cash flow gaps. Unlike some of the other types of financing, Bridge loans require limited documentation and can be funded in as quickly as 24 hours. Bridge loans in Long Island are commonly used for unexpected expenses or to quickly capitalize on new business opportunities. Bridge loans are used for an array of different reasons, including expansion; equipment or inventory discounts, and gap financing while long term financing is in the works. Bridge loans are used in a wide range of industry’s to provide the capital needed to operate effectively.

7. Purchase Order Financing

Purchase order financing provides businesses with the collateral necessary to secure a loan. When businesses do not have the required capital, purchase order financing allows businesses to borrow the money needed to complete an order. Purchase order financing in Long Island is regularly used by growing companies or companies that receive purchase orders that are larger then they are accustom too. This process is quicker then most financing options, as soon as business owners receive the purchase order the capital is made available to fulfill the order. Purchase order financing is used most commonly in the manufacturing, technology, construction, and wholesale industries.

8. Asset Based Lending

Asset based lending is a common form of financing that relies on the collateral of the business, instead of the credit and cash flow of the business. Asset based loans in Long Island are helping businesses improve cash flow and add more liquidity. Asset based loans can be used for an array of different reasons, including raising capital, refinancing debt, and purchasing inventory. There is a wide range of collateral that can be used for asset based lending. Accounts receivables, purchase orders, equipment, inventory, and real estate are all commonly used as collateral for asset based loans. Business to business (b2b) industries tends to be the best for asset based loans because there is usually more collateral.

9. Business Line of Credit

A business line of credit provides business owners with a flexible financing option to secure working capital. With a business line of credit, you can pull a certain amount of capital from the line and only be paying interest on the money that is drawn from the account. It allows business owners the option to draw from the line when necessary and not pay interest on money until it is borrowed. A business line of credit is used to for standby capital, allowing business owners with the financing necessary to take advantage of opportunities and unexpected expenses. A business line of credit in Long Island has provided business owners with working capital to pay suppliers, make payroll, purchase inventory, and cover a wide array of expenses. A business line of credit has minimal documentation requirements, flexible terms, and low rates.

10. Equipment Financing

Equipment financing all business owners to purchase a wide array of different machinery and equipment with flexible payments that are more attractive then paying out of pocket. Equipment financing allows businesses owners to amortize payments over 1-5 years with low monthly paybacks. Businesses can purchase new or used equipment and also upgraded old and outdated equipment. Equipment financing in Long Island is used to purchase a wide range of equipment, including construction equipment, manufacturing equipment, computer systems, and vehicles. Some of the most common industries that utilize equipment financing include trucking, manufacturing, healthcare, and technology. The terms for equipment financing are reliant on the type of equipment, the business owner’s credit, and the current finances of the company.

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